We are currently experiencing market imbalance in different areas. The first is the activity we are seeing in the Real Estate market across Canada, another is the imbalance of personal savings of over $90 Billion being held in personal accounts.
Canadian home sales and prices have reached a new high, as overall market conditions continue to trend upwards as they did in July and August.
Home sales recorded over Canadian MLS® Systems increased 6.2% in August 2020, raising them to another new all-time monthly record.
It has been a strong summer as buyers play catch up following the loss of so much of the 2020 spring market, it really does seem that the spring market shifted into the summer.
Much like the stock market we are seeing a rebound in sales in the Canadian and local Real Estate sector. In our local market I can almost measure the loss of sales from February to May against the increase in June and July reflecting the short-term demand shock from the housing market shutting down.
Sales around the province have surged back to pre-COVID-19 levels in June. These may be temporary as pent up demand could be a factor helping push this demand forward. I am continually watching and monitoring to see if prevailing trends will remain.
The question I am asked the most these days is what is the Real Estate outlook for the central Island area? As difficult as it is to predict how long it will take for Canada's housing market to recover, one thing for certain is that the impact in our area will be less affected.
2019 Housing Market ends on a positive note with growth expectations for 2020.
Sales of single-family homes in December increased by 40% from one year ago and were 24% lower than in November.
As 2019 winds up we are witnessing conditions that reflect seasonal norms. 2020 will see a tightening of inventory which will balance supply and demand. With more clarity, interest rates projected to hold, we expect this momentum and sustained demand to carry through into 2020 and the latest outlook from the Conference Board of Canada forecasts real GDP growth of 1.8% for 2020 and 1.9% in 2021.
Reviewing the market across Canada helps give me a pulse on our local market as many buyers I work with come from out of Nanaimo. In this report, I have included a few more national statistics with home sales in the Canadian MLS® Systems staying somewhat steady in October which followed a string of monthly increases that began in March.
Sales of single-family homes in September were virtually flat year over year but dipped by 16 per cent from August. However, apartment and townhouse sales rose by 15 per cent and 11 per cent year over year, respectively.
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